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The price of bitcoin appeared close to recovering above $60,000 over the weekend but has slipped once again at the start of the week, falling below $58,000 on Monday morning. Several other leading cryptocurrencies also suffered losses, including Ethereum (ether), Binance Coin and Cardano (ada). Of the top 10 most valuable cryptocurrencies, only Solana (SOL) saw any positive action, with a 3 per cent gain since Sunday. The downturn saw the overall crypto market fall by more than 2 per cent overnight, though it remains above the $2.5 trillion mark. It places the market in a kind of limbo, with analysts divided over whether the market has lost its momentum and is entering a bearish phase, or instead the latest price dip is a result of a minor correction that will precede new all-time highs before the end of 2021.
Bitcoin notched its latest all-time high of the year this month when it went over $68,000 for the first time. Within a matter of days, it had dropped back below $56,000. This latest high point is a huge increase for Bitcoin’s price after starting the year below $30,000 in January. Its price fluctuates wildly by the day and even by the minute. Still, many experts say Bitcoin is on its way to passing the $100,000 mark, though with varying opinions on exactly when that will happen. The volatility is nothing new, and is a big reason experts say new crypto investors should be extremely cautious when allocating part of their portfolio to cryptocurrency. Bitcoin has shown as steady a rise in value over the years as any other cryptocurrency on the market. It’s only reasonable for Bitcoin investors to be curious about how high it can ultimately go.
All of this is why crypto prices have been fluctuating recently. However, the fluctuations have all been in an upwards direction. Bitcoin went up the most but Ethereum is right there as well. In this article, we will explain exactly what’s going on and why the prices are growing. For more information, make sure you check the Coinbet24 blog. Our blog is listed among the best cryptocurrency based blogs at Top 20 Bitcoin Gambling & Betting Blogs.
Buying the Dip
Institutional investors were unfazed by the recent correction in the cryptocurrency markets. Digital asset funds dedicated to Bitcoin (BTC) and Ether (ETH) continued to grow, according to data from CoinShares. Crypto investment products, which include exchange-traded funds (ETFs), saw weekly inflows totaling $154 million for the week ending Nov. 20, according to CoinShares’ latest fund flows report. Like in previous weeks, Bitcoin investment products attracted most of the inflows at $114.4 million. Funds devoted to Ether saw weekly inflows of $12.6 million and multi-asset products registered $14.1 million in net investments.
Year-to-date, institutional investors have allocated over $6.6 billion to Bitcoin products and $1.17 billion to Ether products. Additionally, more than $9.2 billion went to crypto as a whole. Grayscale, which is the largest crypto asset manager, recorded $51.9 billion in assets under management as of Nov. 19. October was a record-breaking month for Bitcoin funds, thanks in part to the approval of two futures-linked ETFs in the United States. Institutional managers bought $2 billion worth of Bitcoin funds over the course of the month as the BTC price reached new all-time highs.
Although November has been less bullish for Bitcoin from a price perspective, the latest funds flows data suggests that investors are not concerned by the market correction. As reported, Bitcoin touched a low of around $56,500 on Nov. 20 before correcting higher. The flagship cryptocurrency remains vulnerable to another pullback in the short term as its price consolidates below $58,000.
Bitcoin Price Predictions
Conservative predictions of Bitcoin say the cryptocurrency will reach $100,000 by 2023. Some experts are more bullish. “The most knowledgeable educators in the space are predicting $100,000 Bitcoin in Q1 2022 or sooner,” says Kate Waltman. She is a New York-based certified public accountant who specializes in crypto. Others are hesitant to predict a date, but rather point to the trend of increasing value over time. Investors should expect a “pretty sustainable” rise in Bitcoin’s long-term value driven by organic market movement, with the $100,000 threshold in near-sight, predicted Jurrien Timmer, director of global macro at Fidelity Investments, last month. Normal economic factors influence the price of cryptocurrency just like any other currency or investment. This includes, supply and demand, public sentiment, the news cycle, market events, scarcity, and more.
Mining Expected to Stop
There are only 18 to 19 million Bitcoins currently in circulation, and minting will stop at 21 million. Industry experts consistently point to this built-in scarcity as a big part of cryptocurrency’s appeal. “There’s a fixed supply but increasing demand,” says Alexis Johnson, president of the blockchain public relations and events company, Light Node Media.
Other experts point out Bitcoin has value because people give it value. “That’s really why everybody’s buying — because of the psychological aspect,” says Nelson Merchan, Johnson’s Light Node Media co-founder. That can make it difficult for the average consumer to discern whether Bitcoin and other cryptocurrencies are legitimate. The whole concept of supply and demand only works when people want something scarce — even if it previously didn’t exist.
What Influences the Price?
One of the main factors driving the price increase of Bitcoin is the rate at which new consumers are buying and exploring cryptocurrency. Bitcoin adoption has been increasing at an annual rate of 113%, according to data from the digital asset management firm CoinShares. (Meanwhile, people adopted the internet at a slower rate of 63%.) If people warm up to Bitcoin at a comparable rate to that of the internet’s early days (or faster), the report makes the case that there will be 1 billion users by 2024 and 4 billion users by 2030.
Federal officials have made it clear in recent months they are paying attention to the crypto industry. President Joe Biden recently signed an infrastructure bill requiring all crypto exchanges to notify the IRS of their transactions. Similarly, Treasury Secretary Janet Yellen recently said stablecoins — a type of crypto linked to the value of the U.S. dollar — should be subject to federal oversight. The conversation on regulatory policies is “patchy,” said an industry white paper published by Flourish, a fintech platform designed for investment advisors. With a relatively new asset class like cryptocurrency, any new regulation has potential to impact value and in turn investors’ portfolios.
When China banned crypto in September 2021, for instance, investors saw the price of Bitcoin drop. However, it has since risen and resumed its usual volatility. Even though there’s now about a decade of precedent for Bitcoin, the Securities and Exchange Commission is taking all decisions on a case-by-base basis in what experts refer to as its “crawl, walk, run” strategy toward mainstream crypto adoption.
What’s Next for Investors?
Financial planners and other experts advise against letting Bitcoin’s price fluctuations lead you to emotional decision making. This is how all investments should be handled. Studies have shown investors who contribute regularly to passive index funds and ETFs perform better over time, thanks to a strategy called dollar cost averaging. That’s part of why experts recommend not investing more than 5% of your overall portfolio in cryptocurrency. Also, never to invest at the expense of saving for emergencies and paying down high-interest debt. The path to long-term wealth and saving for retirement is most often successful for people with diversified investments like low-cost index funds, with crypto making up a very small part.
Crypto is still new to most people. So, it’s OK to wait and see how things unfold before putting your money on the line. We only have about 10 years of data to inform crypto price predictions. The value of Bitcoin — while climbing long-term — is highly volatile from day to day. Volatility makes it hard to know the “what” and “why” behind your crypto strategy. Before investing in Bitcoin or any alternative assets, ask yourself two questions. What you want to achieve from your participation in this particularly volatile market, and why? That will help you stay focused.